CHINA HRC: Sentiment mixed despite start of production cuts

China’s domestic hot-rolled coil prices were largely stable on Wednesday June 26 amid mixed sentiment despite mills in northern China beginning to implement production cuts announced over the weekend.

Domestic Eastern China (Shanghai): 3,900-3,920 yuan ($567-570) per tonne, widening downward by 10 yuan per tonne Northern China (Tianjin): 3,840-3,850 yuan per tonne, down 10 yuan per tonne Most market participants expect prices to rise further after steelmakers in Tangshan, the country’s steelmaking hub in the northern region, starting to implement production cuts, which would cut supply. A source in Tangshan told Fastmarkets MB that the local government had sent out inspectors to ensure mills stuck to the production curbs as instructed. Some traders are even expecting spot prices to rise above...

Published

Miranda Song

June 26, 2019

12:20 GMT

Shanghai